RBI extends timeline for submission of applications for authorisation by Payment Aggregators
- Blog|News|FEMA & Banking|
- < 1 minute
- By Taxmann
- |
- Last Updated on 30 July, 2022
Latest from Taxmann
Circular no. RBI/2022-23/94 CO.DPSS.POLC.No.S-761/02-14-008/2022-23, Dated: 28.07.2022
The RBI had observed that applications received from some Payment Aggregators (PAs) had to be returned as they had not complied with eligibility criteria, including the minimum net worth criterion of Rs. 15 crores by March 31, 2021. This also implied that they have to discontinue their operations within a period of six months from the date of return of application. Though they have the option to apply afresh on meeting the prescribed criteria, ceasing operations may lead to disruption in payment systems. It is also possible that some PAs had not applied to RBI due to non-fulfilment of eligibility criteria.
In view of the disruption caused by the COVID-19 pandemic, the RBI has decided to allow another window to all such Payment Aggregators (existing as on March 17, 2020) seeking authorisation under the Payment and Settlement Systems Act, 2007 by September 30, 2022 and shall have a net worth of Rs. 15 crores as on March 31, 2022. The timeline of March 31, 2023 for achieving the net worth of Rs. 25 crores shall, however, remain. Earlier, they were required to apply to RBI by September 30, 2021.
Click Here To Read The Full Circular
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
